Google Cloud will provide three new industry entrants with genAI and quantitative research capabilities.

In an effort to further advance the digital capabilities of the financial sector, Google Cloud has expanded its technology to three more financial institutions.

Travon Stracke

April 12, 2024

1Min Read

1249

During its Google Cloud Next event this week in Las Vegas, the vendor revealed the advancements.

In order to develop its quantitative research platform, US-based capital markets company Citadel Securities has extended its seven-year partnership with Google Cloud. This is the first of these arrangements.

The market maker claims to conduct $400 billion worth of deals every day, and its new platform will have capabilities that let its researchers track efficiency, profile performance, and improve price-performance ratios.

Scotiabank in Canada is also planning to broaden its collaboration with Google Cloud. The bank started working with the vendor in 2021 and will now leverage their Vertex AI solution to drive its investigation of generative AI and large language models (LLMs).

With the use of an LLM-driven search engine for staff members and a chatbot for consumers, these innovations aim to improve the bank's security and customer experience.

In keeping with its use of AI, Discover Financial Services is also utilizing Google Cloud, making this the vendor's third announcement in this sequence.

The US-based provider of digital banking and payment services is also utilizing its Vertex AI solution to provide its contact centers access to generative AI capabilities.

Early in the year, the integration is anticipated to provide agents with improved self-service choices, capabilities for intelligent document summarization, and real-time search assistants.

Together, the acquisitions reflect the industry's growing desire for cloud capabilities and come after a series of announcements made by the vendor in recent months.

The most noteworthy of them are its most recent deal, which it announced earlier this month, to spearhead Bank Muamalat's digital transformation in Malaysia, and its new, multi-year relationship with TD Bank in Canada.